This revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revised standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner.

This guide provides an overview of the ISA for LCE's concepts, structure, and format. It offers step-by-step insights into each Part of the standard with examples and comparisons to ISAs, equipping practitioners with the tools to effectively implement the ISA for LCE.

For additional resources for the ISA for LCE, visit: www.iaasb.org/ISAforLCE

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November.

• Nancy Cheng is the Board Chair of icddr,b, an international non-profit public health research institution based in Bangladesh. She is also the Audit Committee Chair of Shared Services Canada and an Audit Committee member of Public Safety Canada, two departments in the Government of Canada. She also serves on the Board of CARE Canada

“I am excited about the opportunity to join the IAASB in setting high-quality auditing and assurance standards to serve the public interest. I hope to make a contribution and be in a position to provide a Canadian perspective.”

• Amaro Gomes is an independent consultant and member of the audit committee at Banco Bradesco (Brazil). He was previously the Brazilian Secretary of State for Coordination and Governance of Federal State-Owned Enterprises (2020-2021).

"I am very honored to join the IAASB and look forward to working collaboratively and constructively with my fellow Board Members towards a trustful and positive environment to reach acceptable, well-reasoned, and technically sound decisions in the public’s best interest, and ultimately contribute towards long-term economic development. To that end, I will seek the active involvement of audit professionals, regulators, supervisors, standards setters, investors, preparers, academics and other interested parties to achieve the IAASB’s goal and implement its strategy."

• Mikiko Ono is the Director of Sustainability Disclosure Regulation and Investor & Stakeholder Engagement at Recruit Holdings Co., Ltd. where she spearheads engagement with global investors and sustainability disclosure practices, primarily for capital markets, by integrating financial and non-financial information. She also leads a company-wide sustainability disclosure project, collaborating closely with assurance professionals and colleagues across the globe to secure sustainability assurance for consolidated information, aligning with international disclosure standards.

“The IAASB’s mission to serve the public interest resonates strongly with me. I am eager to contribute to enhancing the reliability of corporate reporting, drawing on my experience in engaging global investors and stakeholders on financial and sustainability matters at publicly listed companies.”

• Xiaoyue Sun is a Partner with BDO China and a member of the Auditing Standards Board of China. She is also a member of BDO’s Audit Leadership Committee and Audit Quality Committee and has more than 29 years of experience as an audit practitioner.

“It is both a great honor and exciting challenge for me to be a member of the IAASB, to work with intelligent and passionate teams, to contribute to setting high-quality standards and their implementation, and to serve public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2025:

• William (Bill) Edge was chair of the Auditing and Assurance Standards Board for Australia from 2021 to 2023, and the chair of Financial Reporting Council in Australia from 2016 to 2020; and
• Neil Morris is the Global Head of Assurance and ESG Methodology at KPMG.

Additionally, the IAASB Vice-Chair Josephine Jackson has been reappointed as Vice-Chair for a final year of service.

The PIOB’s invitation for application for terms of service beginning in January 2026 will open in February. The IAASB encourages qualified candidates to apply.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

In an era where technology is rapidly transforming the landscape of external reporting, the IAASB has reaffirmed its commitment to staying at the forefront of these changes with the adoption of a comprehensive Technology Position Statement.

This Position Statement outlines how the IAASB will integrate technological advancements into its standard-setting activities to ensure that its standards remain relevant, effective, and aligned with the public interest. It also clarifies the IAASB’s new position, which includes:

• Embracing innovation in audit and assurance while ensuring that its standards evolve with the changing environment.
• Removing barriers in existing standards that may prevent using advanced technologies.
• Introducing new requirements and guidance to help practitioners apply technology-enabled procedures effectively.

A Three-Component Framework for Technology Integration

The IAASB's Technology Position is built on a conceptual framework composed of three key components:

1. Technology Position Statement: This core section details the IAASB's overarching stance on the role of technology in audit and assurance practices. It emphasizes the transformative potential of technology in enhancing audit and assurance quality and includes eight actions that the IAASB will take to deliver on its commitment to facilitate and encourage firms and practitioners to use technology.
2. Approach to Operationalizing the Technology Position Statement: The second component of the framework explains how the IAASB will put the Technology Position Statement into action. This includes identifying opportunities for standard-setting and developing non-authoritative materials, all in close consultation with key stakeholders.
3. Approach to Monitoring and Adapting the Technology Position: Recognizing the fast-paced evolution of technology, the IAASB will proactively monitor technological trends and adapt its Technology Position as needed. This ensures the framework remains effective and relevant in a rapidly changing environment.

Commitment to the Public Interest and Enhancing Engagement Quality

The IAASB's Technology Position Statement underscores its commitment to the public interest by focusing on enabling consistently high-quality engagements. As technology becomes increasingly pervasive in all aspects of external reporting, the IAASB has a crucial role in improving audit and assurance quality. The Statement highlights the IAASB’s dedication to developing standards that facilitate and, where appropriate, encourage firms and practitioners to use technology.

IAASB’s Actions to Navigate the Technological Landscape

The Statement includes eight key actions detailing how the IAASB will deliver on its new technological commitment:

1. Embrace Technology-Driven Innovations
2. Remove Barriers in the Standards, Real or Perceived, to Practitioners Using Technology
3. Introduce Requirements and Application Material Relating to Using Technology in Engagements
4. Address the Impact of Technology Used by Reporting Entities
5. Strike the Right Balance When Referring to Opportunities and Risks Associated with Technology
6. Align with Principles of Ethics and Ethical Requirements
7. Ensure Scalability and Proportionality
8. Convene Stakeholders and Foster Ongoing Engagement

Operationalizing the Technology Position

To turn its Technology Position into actionable outcomes, the IAASB is conducting a gap analysis, beginning with a review of its foundational standards: the International Standards on Quality Management and International Standards on Auditing. This analysis will identify potential areas for the IAASB to enhance the standards to better facilitate technological adoption. The findings will inform the IAASB's future work plans. Future work could include opportunities for new standards or revisions to existing ones as well as developing non-authoritative materials, all in close consultation with key stakeholders.

The IAASB is also developing a feedback mechanism to allow stakeholders and partners to provide feedback and insights, including any challenges they encounter when using existing standards and materials.

Ongoing Monitoring and Adaptation

The IAASB's approach to technology is dynamic, with a commitment to continuously monitoring the technological landscape. Through feedback from stakeholders and advisory groups, the IAASB will stay informed of emerging trends and adapt its standards and guidance as necessary. This proactive approach will help the IAASB maintain the relevance and effectiveness of its Technology Position in a rapidly changing environment.

For more information on the IAASB’s Technology Position Statement and to access the full document, please visit the Technology focus area page on the IAASB website.